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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 9423 December 15, 1982 TREASURY TO AUCTION 7-YEAR NOTES AND 20-YEAR 1-MONTH BONDS TOTALING $7,500 MILLION To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department: The Treasury will raise about $7,500 million of new cash by issuing $4,500 million of 7-year notes and $3,000 million of 20-year 1 -month bonds. Additional amounts of the new securities may be issued to Federal Reserve Banks as agents for foreign and international monetary authorities at the average prices of accepted competitive tenders. The 7-year note will be available only in book-entry and registered forms. The Tax Equity and Fiscal Responsibility Act of 1982 prohibits issues of Treasury notes in bearer form after December 31, 1982. Treasury bond issues in bearer form were discontinued in September 1982. Bearer securities will remain available through maturity for all note issues prior to January 1983 as well as for bonds issued before September 1982. Printed on the reverse side is a table summarizing the highlights of the offerings. Copies of the official offering circulars will be furnished upon request directed to our Government Bond Division (Tel. No. 212-791-6619). In addition, enclosed are copies of the forms to be used in submitting tenders. This Bank will receive tenders at the Securities Department of its Head Office and at its Buffalo Branch up to 1:30 p.m ., Eastern Standard time, on the dates specified on the reverse side of this circular as the deadlines for receipt of tenders. A ll competitive tenders, whether transm itted by mail or by other means, must reach this Bank or its Branch by that time on the specified dates. However, for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them in person, the official offering circular for each offering provides that noncompetitive tenders will be con sidered timely received if they are mailed to this Bank or its Branch under a postmark no later than the date preceding the date specified for receipt of tenders. Bidders submitting noncompetitive tenders should realize that it is possible that the average price may be above par, in which case they would have to pay more than the face value for the securities. Payment with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a depository institution on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed 1o this Bank will not be accepted. Payment may also be made in cash or in Treasury securities maturing on or before the issue date of the securities being purchased. Recorded messages provide inform ation about Treasury offerings and about auction results: at the Head Office — Tel. No. 212-791-7773 (offerings) and Tel. No. 212-791-5823 (results); at the Buffalo Branch — Tel. No. 716-849-5046. Additional inquiries regarding these offerings may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. A ntho ny M. So l o m o n , President. (Over) HIGHLIGHTS OF TREASURY OFFERINGS TO THE PUBLIC OF 7-YEAR NOTES AND 20-YEAR 1-MONTH BONDS TO BE ISSUED JANUARY 4, 1983 'it 7-Year Notes 20-Year 1-Month Bonds Amount Offered: T o the p u b lic ......................................... .........$4,500 million $3,000 million Description of Security: Term and type o f security................... .........7-year notes 20-year 1-month bonds Series and CUSIP designation........... .........Series C -1990 (CUSIP No. 912827 PA4) Bonds o f 2003 (CUSIP No. 912810 DC9) Maturity date......................................... .........January 15, 1990 February 15, 2003 Call da te................................................. .........No provision N o provision Interest ra te ........................................... .........T o be determined, based on the average o f accepted bids T o be determined, based on the average o f accepted bids Investment y ie ld .................................. .........T o be determined at auction T o be determined at auction Premium or d is co u n t.......................... .........To be determined after auction T o be determined after auction Interest payment d a te s ....................... .........July 15 and January 15 (first payment on July 15, 1983) August 15 and February 15 (first payment on August 15, 1983) Minimum denomination available .. .........$1,000 $1,000 - - *• Terms of Sale: Method o f sale...................................... .........Yield auction Yield auction Competitive ten ders............................ .........Must be expressed as an annual yield, with two decimals, e.g., 7.10% Must be expressed as an annual yield, with two decimals, e.g., 7.10% Noncompetitive tenders..................... ........ Accepted in full at the average price up to $1,000,000 Accepted in full at the average price up to $1,000,000 Accrued interest payable by investor. .........None None Payment by noninstitutional investors................... .........Full payment to be submitted with tender Full payment to be submitted with tender Deposit guarantee by designated institutions...................................... .........Acceptable Acceptable Key Dates: Deadline for receipt o f tenders........... .........Tuesday, December 21, 1982, by 1:30 p.m ., EST Wednesday, December 22,1 9 82 , by 1:30 p.m ., EST Settlement date (final payment due from institutions) a) cash or Federal funds................. .........Tuesday, January 4, 1983 Tuesday, January 4, 1983 b) readily collectible check Friday, December 31, 1982 Friday, December 31, 1982 '
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